A group of ministers will meet on Wednesday to discuss the revision of natural gas prices after a gap of four years and consider change in the country's main trunk gas pipeline HBJ's transportation tariff.
Industrialist Anil Ambani met Oil Minister S Jaipal Reddy on Wednesday, seeking natural gas allocation for his group's upcoming power projects.
The government on Wednesday mandated the petroleum ministry to hold dialogue with Pakistan, Bangladesh, Iran and Myanmar to secure natural gas supplies through pipelines to meet demand of the country.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
Oil regulator PNGRB has virtually put Reliance Industries Ltd (RIL) on notice by inviting bids for sections of two natural gas pipelines that were previously awarded to the Mukesh Ambani-run firm.
The group of ministers' meeting on Tuesday on raising natural gas price for fertilizer and power units and setting up a regulator for the oil sector remained inconclusive.
The government may soon raise prices of natural gas produced by state-owned ONGC and Oil India by as much as 30 per cent, Petroleum Secretary S Sundareshan said on Monday.
'Pakistan's only concern has been while they were on the FATF watch list was to distance their State institutions and organs from any direct connection with the actual execution of militancy inside Kashmir.'
ONGC Videsh Ltd, the overseas arm of the Oil and Natural Gas Corporation, has proposed to buy the entire gas production from Sakhalin-I field in Russia and import the same in the form of LNG to India.
Committee of secretaries is working on the formula and it is understood that EAC is also being asked to go through the formula.
Reliance Industries Limited's chairman Mukesh Ambani last week told company shareholders that his firm will supply gas to ADAG plants as and when they are ready and it is subject to the allocation being made by the government.
State-run Gas Authority of India Ltd on Monday said the government's decision to raise natural gas prices by 12 per cent would not affect its profitability.
The head of the UN's climate science panel, Jim Skea, has expressed concern over the accelerating pace of climate impacts, saying scientists have been surprised by the speed of temperature rise. Skea attributed the worsening situation to inaction on climate change and highlighted the need for urgent action to reduce greenhouse gas emissions. He also addressed concerns about the scientific messaging and the perception of imposed climate policies, emphasizing the importance of involving societies and people in climate change action.
Indraprastha Gas Ltd, whose initial public offer of 4 crore equity shares opens on Friday, plans to expand supply of compressed natural gas to automobiles in Delhi's adjoining cities like Noida, Greater Noida, Gurgaon and Faridabad.
India on Tuesday ruled out importing natural gas from Iran through an onland pipeline.
Citing the May, 2010, Supreme Court ruling that upheld the government's right to frame gas utilisation policy, the ministry last week wrote to Reliance directing it to first supply natural gas from its KG-D6 fields to priority sectors like fertiliser and power, official sources said.
Reliance Industries will invest $1.7 billion in a project in the United States for extracting gas from shale, a sedimentary rock, in joint venture with Atlas Energy Inc.
An uncontrolled flow of gas started from the Well G-1-9 in Bay of Bengal around August 30.
The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh allowed ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation, to invest $167.84 million in taking 8.35 per cent stake in the pipeline.
Fitch Ratings on Monday said India's steady GDP growth outlook, improved banking sector's financial health and expected interest-rate cuts in 2025 will support credit access for corporates in FY26.
Reliance Industries Ltd has found new natural gas reserves in Krishna Godavari basin D6 block off the east coast, the company's minority partner Niko Resources has said.
Veerappa Moily's allegation that an import lobby was against an increase in gas prices has found no takers among sectoral experts.
The Freedom 125 has sold 8,310 units in October to date. This is its highest since it was launched in July and may touch close to 9,000 by the end of the month.
The agreement, which will be reviewed at the end of five years, will boost profitability of the steel firms who had been buying expensive LNG or naphtha to meet feedstock shortage at their plants, a senior official said. The ministry of petroleum and natural gas had last week asked Reliance to sell natural gas to steel firms like Essar, Ispat and Vikarm Ispat to help the nation's most prolific gas field to produce at optimum level.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
Reliance currently holds 90 per cent interest in KG-D6.
ONGC has suffered a loss of over Rs 30,000 crore due to alleged siphoning off of natural gas by Reliance Industries Ltd (RIL) from the PSU's well in Krishna-Godavari (KG) basin and appointment of an experts body on the issue "will not help", the state-run oil firm said.
Power plants, involving investments of Rs 100,000 crore, facing closure.
Modi govt is committed to extend the piped gas networks in the country to 30,000 kms in the next 15 years as against the 15,000 kms network today
IGL had this month raised compressed natural gas (CNG) prices in the national capital by Rs 1.25 per kilogram to Rs 29 per kg and piped cooking gas to Rs 26 per cubic meter, as it bought more of imported LNG to meet the rising demand.
Companies to hold rates in Delhi until new government is formed.
A market-determined price is the best option but the Constitution makes it clear that natural resources are a national asset.
Global steel giant Mittal Steel owned by NRI billionaire Laxmi Mittal is to cut consumption of natural gas at its Ukrainian steel plant following steep hike in gas price by Russia.
The Petroleum Ministry in an order on Wednesday said it has revised guidelines for allocation/supply of domestic natural gas to city gas distribution entities for CNG and piped cooking gas sector.
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